Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

13. (18 pts) The cost, in dollars, for a company to produce x widgets is given by C(x) = 5250 + 7.00x for x 2

image text in transcribed
13. (18 pts) The cost, in dollars, for a company to produce x widgets is given by C(x) = 5250 + 7.00x for x 2 0, and the price-demand function, in dollars per widget, is p(x) = 45 - 0.02x for 0 5 x 5 2250. In Quiz 2, problem #10, we saw that the profit function for this scenario is P(x) = - 0.02x2+ 38.00x- 5250. (a) The profit function is a quadratic function and so its graph is a parabola. Does the parabola open up or down? (b) Find the vertex of the profit function P(x) using algebra. Show algebraic work. (c) State the maximum profit and the number of widgets which yield that maximum profit: The maximum profit is when widgets are produced and sold. (d) Determine the price to charge per widget in order to maximize profit. (e) Find and interpret the break-even points. Show algebraic work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modeling the Dynamics of Life Calculus and Probability for Life Scientists

Authors: Frederick R. Adler

3rd edition

840064187, 978-1285225975, 128522597X, 978-0840064189

More Books

Students also viewed these Mathematics questions